According to an Ottawa court filing, "Canada's Competition Bureau said a bank it didn't identify has told the agency's investigators that people involved in the alleged scheme 'were able to move' interest rates."

"People familiar with the (scheme) said the 'cooperating party' is (Switzerland-based) UBS AG."

An investigation affected banks and traders in North America, Europe and Asia. No one was charged with wrongdoing.

At issue was Libor rigging.

Documents said regulators were also examining "alleged attempts to fix the prices of certain derivative financial products linked to Libor."

Parties involved "entered into agreements to submit artificially high or artificially low" quotes.

Traders "used emails and instant messages to tell each other whether they wanted 'to see a higher or lower yen Libor (rate) to aid their trading position(s),' according to court documents."

Traders "would then 'communicate internally' with the person at their bank who was responsible for submitting the Libor quote, before letting each other know if this attempt to influence the quote had worked."

The Canadian watchdog said six banks were involved: Citigroup, Deutsche Bank, HSBC, JP Morgan Chase, Royal Bank of Scotland, and UBS.

All major banks commit grand theft. It's standard practice. Corrupt politicians turn a blind eye. So do regulators. Western banking is rife with fraud.

All markets are manipulated up or down for profit. Enormous amounts are made. Governments and banks collude. High volume program trading drives prices either way. Nothing gets reported unless scandals erupt.

None the wiser ordinary investors get trampled. Financial history includes many examples of major financial institutions getting a free lunch at the public's expense.

Barclays is the tip of the current scandal. Traders in London, New York and Tokyo colluded to manipulate Libor. Top executives and traders are involved.

They bear full responsibility for the 2008 financial crisis and what followed. They're up to their ears in fraud today. Media scoundrels report an illusion of stability. Government probes are toothless.

Perhaps future suits will charge Goldman Sachs, Wells Fargo, and major European banks not named above. They're all in it together. CEOs and other top executives conspire with each other and traders to commit fraud. Why not when corrupt politicians wink and nod and let them do it.

Bill Black says manipulating Libor is easy. What's coming out reflects "the largest rigging of prices in the history of the world by many orders of magnitude."

Top executives are directly involved. They have to be because they set policy and stand to gain hugely from fraud-driven profits.

The US Commodity Futures Trading Commission (CTFC) says:

"US dollar Libor is the basis for the settlement of the three-month Eurodollar futures contracts traded on the Chicago Mercantile Exchange, which had a traded volume in 2011 with a notional value exceeding $564 trillion."

"The bank admitted that it lowballed estimates of its borrowing costs from late 2007 to May 2009 because it wanted to reassure investors of its strength during the financial crisis and it believed other banks were doing the same."

"It also admitted that its traders improperly influenced the rate submissions from 2005 to 2008 to make money on derivatives."

In the wake of the scandal, Chairman Marcus Agius and CEO Bob Diamond resigned. They and other banking crooks should be prosecuted and imprisoned.

Since banker caused crisis conditions erupted in fall 2007, no senior executive faced charges. Expect none now to be held criminally liable. At most complicit banks are assessed hand-slap fines. They're then free to steal again. It's standard practice.

On June 30, London Guardian writer Will Hutton headlined "Let's end this rotten culture that only rewards rogues," saying:

"The Barclays rate-rigging scandal has once again exposed a world where men and women with little skill and no moral compass can become very rich very fast."

"Investment banking is an organised scam masquerading as a business. It is defined by endemic conflicts of interest, systemic amoral behaviour and extreme avarice."

"Many of its senior figures should be serving prison sentences or disgraced – and would have been if British regulators had been weaned off the doctrine of 'light touch' regulation earlier and if the Serious Fraud Office’s budget had not been emasculated by Mr. Osborne (UK Chancellor of the Exchequer)."

"It is a tax on wealth generation and an enemy of honest endeavour – the beast that is devouring British capitalism."

She turns a blind eye to fraud and abuse. She protects Wall Street, not investors. She lets banks self-regulate, and why not. She's a consummate insider.

As former head of the Financial Industry Regulatory Authority (FINRA), she promoted self regulation. She also ran the the National Association of Securities Dealers' (NASD) and Commodity Futures Trading Commission. She's an expert at quashing fraud investigations.

So are UK Financial Services Authority (FSA) officials. Instead of regulating, they collude. Political leaders from major parties are involved. Duopoly power runs Britain and America.

Tories, New Labor, Republicans and Democrats prioritize what serves bankers. The economies of both countries are financialized. Casino capitalism runs them. Whatever bankers want they get. Stealing is legitimized without saying so.

Whitehall and Washington operate the same way. They facilitate fraud. It's institutionalized.

On July 1, the London Telegraph headlined "Libor scandal: How I manipulated the bank borrowing rate," saying:

"An anonymous insider from one of Britain's biggest lenders – aside from Barclays – explains how he and his colleagues helped manipulate the UK's bank borrowing rate. Neither the insider nor the bank can be identified for legal reasons."

He gave presentations. He explained how Libor was rigged. It's easy, he said. No checks exist. Penalties for getting caught hardly matter.

"(E)veryone" knows what's going on and "everyone" does it. Fraud is part of the system.

"Interest rate swaps are now over 80 percent of the massive derivatives market." Wall Street giants operate a "protection racket of a covert derivatives trade in interest rate swaps."

"The derivatives casino itself is just a last-ditch attempt to prop up a private pyramid scheme in fractional-reserve money creation, one that has progressed over several centuries through a series of “reserves”—from gold, to Fed-created “base money,” to mortgage-backed securities, to sovereign debt ostensibly protected with derivatives."

Libor is a vital factor in the swaps market. The cost of money affects them all. Privately created money at whatever interest rate bankers set "is the granddaddy of all pyramid schemes."

Despite "a quadrillion dollar derivatives edifice propping it up," eventually it'll collapse. Money power in public hands could prevent it. It's "ready to replace the old system when it comes crashing down," says Brown.

Corrupt politicians won't return money control to public hands where it belongs ahead of time to avoid it.

They benefit handsomely by standing pat. Why mess up a good thing by becoming honest.

Visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.